BP resolves federal spill charges for $4.5 bln

SteveGelsi

NEW YORK (MarketWatch) -- BP PLC
BP, -1.88%BP., -1.38%
said Thursday it has agreed to pay about $4.5 billion to settle federal charges stemming from its 2010 oil spill in the U.S. Gulf of Mexico. BP will pay $4 billion to resolve all criminal claims with the Department of Justice. The oil company will also pay $525 million to settle all securities claims by the Securities and Exchange Commission. BP said its existing $38 billion charge against income for the spill will increase by $3.85 billion. BP also said it'll "vigorously defend" itself against remaining civil claims. BP agreed to plead guilty to 11 felony counts of misconduct or neglect of ships officers relating to the loss of 11 lives; also one misdemeanor count under the Clean Water Act; and one felony count of obstruction of Congress during the spill response about flow rate estimates. Shares of BP PLC rose 1.1% in recent trades.

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